Performing Risk data Quality Assessment for Projects
Risk Data Quality Assessment is a technique that involves the evaluation of the reliability of the available data concerning a risk.
It includes the process of examining data obtained about a particular risk for the amount of data available, the quality of data available and the extent to which such information understands the risk and the legitimacy and dependability of the data.
A typical example…
A Project Manager for a restaurant chain Hadeeza is responsible for the new site development of the company. The company is interested in expanding to allocation in the northern section of the city. Hadeeza now conducted a risk assessment to determine whether or not it would be financially sound to purchase property in a large shopping plaza there.
The risk assessment includes the average cost per square foot of real estate within that neighborhood. This figure indicates that real estate is selling at a very reasonable price.
Upon detailed examination of risk data however, Hadeeza discovers that the information used to calculate the average cost per square foot is five years old.
His risk data quality assessments indicate that the data is too out of date to be useful in risk analysis and purchasing property based on this information would be a poor idea.
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